The prices in real estate in Hout Bay, in the Western Cape region have had a strong rise in the last couple of months. The real estate prices for second hand homes have gone through a strong increase in this city.
The price per m² in Hout Bay has increased strongly during the last 6 months. In October, the average price per m² was R 25 413. In the following month the price per m² increased to R 27 201. In the following two months the price per m² has increased 114 %, going from R 26 307 to R 29 930,5 per m². The price per m² has increased 113 % in the last two months compared to the average price for the previous four months. This was obtained by comparing the first four months of the period going from a price per m² of R 28 118,75 to R 31 816,5 during February, and March.
Based upon to the price in Hout Bay (cities & towns), this has gone up considerably in the last 6 months. The price in October is R 6 526 613, rising in November till R 6 864 222. During the following two months (December, January) the average price had a considerable increase of 116 % with regard to the previous two months. Based on an analysis of the first four prices and the last two months the average price has risen strongly 124 % during the last two months.
The graph displaying the average price for bedrooms illustrates that those properties with 1 bedroom are the cheapest ones. At a price of R 10 152 143 they are 84 % more affordable than the average price for Hout Bay. The properties with the highest average price have 4 bedrooms, Their price is 2 % more costly than the average. After that we have properties with 3 bedrooms priced at R 5 576 917.
With regard to the average price per m² , those properties with 3 bedrooms are the cheapest ones at a cost of R 29 496 / m², with an average R 31 889 / m² price in Hout Bay. The properties with the highest average prices have 2 bedrooms. They are 30 % more expensive than the average followed by properties with 4 bedrooms with a price at R 32 416 / m².
The graph displaying the average prices displays the property type "Townhouse" as the most affordable one. At an cost of R 10 152 143 it is 68 % cheaper than the average price in Hout Bay. "Apartment" is seen as the second most affordable property type. The dearest property type is "House" followed by "Flat". At a price of R 4 322 511 it is 4 % more expensive than the average price.
According to the average cost per m², the cheapest property type is "Townhouse" at an average cost of R 21 530 / m² followed by "House" priced at R 33 563 / m². "Flat" is the most costly type of property with a R 4 322 511 / m² cost followed by "Apartment" with an average price of R 35 441 / m².